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Topics: Money, China, World News, Science, Technology
Poppy Bilderbeck
Topics: Money, China, World News, Science, Technology
Another staggering gold reserve has potentially been found in China, a state media outlet claims.
Off the back of an announcement at the end of last year announcing the discovery of a 'super-large gold deposit' in central China's Hunan Province, scientists say they've potentially discovered another gold deposit in northeastern China.
The latest discovery of gold in the country's northeast is said to have been aided by China's advanced 3D geological modeling and South China Morning Post reports that the deposit site measures over 3km by 2.5km.
The most recent find is said to potentially indicate a deposit of gold measuring a staggering 1,000 tonnes - which, at the time of writing, equates to around $55,886,360, according to Bullion By Post.
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If proven, this could mean the discovery is another among the largest found gold deposits in the world, following off the back of another exciting discovery in November last year when a team of geologists drilled beneath the Wangu field in Pingjiang County, with Hunan's Geological Bureau claiming a number of 40 veins discovered on rocks filled with gold, with an estimated value of over 1,000 metric tonnes of gold believed to be at the site (via The Independent).
The team from Hunan Province Geological Disaster Survey and Monitoring Institute used 3D geological modeling to help locate the gold - alongside the mechanical drills and equipment of course.
Ore-prospecting expert at the bureau, Chen Rulin, told Xinhua Net: "Many drilled rock cores showed visible gold."
When the team of geologists drilled down 2,000 meters, they found a tonne of ore contained a maximum of 138 grams of gold and estimated there to be around 300 tonnes of ore.
Expecting to be able to drill down to a depth of 3,000 meters, it's estimated there's actually around a staggering 1,000 tonnes of ore hiding under the surface which is valued at a staggering 600 billion yuan ($83 billion).
Yet again, the story - and site - is truly the gift which just keeps on giving, with Liu revealing it's also believed there may be more discoveries to be made in surrounding areas, with gold already found in the site's peripheral areas.
The China Gold Association reports China is behind South Africa, Australia and Russia when it comes to proven gold mine reserves, but comes out on the top spot when it comes to being the world's largest producer of gold ore.
If proven, the most recent discoveries could help solidify the county's gold production.